PV Nano Cell to buy Digital Printer Manufacturer, DigiFlex
21 March, 2017
The conductive ink producer PV Nano Cell plans to buy the inkjet printers producer DigiFlex for approximately $10 million, to develop electronics printing solution
PV Nano Cell Ltd. from MIGDAL HA’EMEK, Israel, has signed a letter of intent to acquire all of the outstanding shares of DigiFlex for approximately $10 million. Founded in 2008, led by its Chairman Mr. Dan Vilenski, founder of Applied Materials Israel and KLA Israel, DigiFlex has developed the DigiFlex FlexoJet 1725, a revolutionary inkjet-based Computer-to-Plate solution for photopolymer flexographic, letterpress, dry-offset, and silk screen printing technologies.
PV Nano Cell has developed innovative conductive inks for use in solar photovoltaics (PV) and printed electronics (PE) applications. Its Sicrys™ ink family is a single-crystal, nanometric silver or copper conductive ink delivering enhanced performance. Sicrys conductive inks are used all over the world in a range of inkjet printing applications, including photovoltaics, printed circuit boards, antennas, sensors, touchscreens and other applications.
Toward Electronics Printing
“We have entered into this transaction because of the synergies between DigiFlex and PV Nano Cell,” said Dr. Fernando de la Vega, CEO of PV Nano Cell. “DigiFlex offers PV Nano Cell key printer technologies and inks that will allow us to implement a comprehensive ‘Complete Solution Approach’ for our customers. As a result, we will have the unique ability to support Additive Digital design, prototyping and mass production of electronic devices, such as PCBs. We are honored that DigiFlex’s investors have chosen to join us and we welcome them as shareholders in PV Nano Cell.”
“As a combined entity, and subject to adequate financing, we are positioned to become a leading enabler of the commercial digital printing of electronics in the market,” said Dan Vilenski, DigiFlex Chairman of the board. “Sicrys offers the most effective conductive silver ink available and at a price that is unbeatable for customers today. In addition, we believe that the introduction of Sicrys™ copper ink is going to help revolutionize the industry, as the affordability of these types of conductive inks opens up our products to much of the printed electronics market.”
Under the terms of the agreement, DigiFlex shareholders will receive one share of PV Nano Cell common stock for each two shares of DigiFlex common stock they hold. At the completion of the transaction, DigiFlex shareholders will own approximately 33.3% of the combined company. The transaction is conditioned on the successful completion of the ongoing due diligence process and the completion of definitive agreements. A $2.7 million investment from existing and new investors is a condition to closing.
PV Nano Cell will maintain DigiFlex as a wholly-owned subsidiary that will oversee development, manufacturing and distribution of the DigiFlex Flexojet printing systems. PV Nano Cell CEO, Dr. Fernando de la Vega will lead the process of efficiently joining the two companies into one integrated organization. Both PV Nano Cell and DigiFlex will continue to be based in Israel. In addition, under the LOI, Mr. Kenneth Levy, a founding investor in DigiFlex may appoint a director to PV Nano Cell’s Board of Directors.